Wipro (NYSE:WIT) Upgraded at StockNews.com

Wipro (NYSE:WIT) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Monday.

Several other equities analysts have also recently issued reports on WIT. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $5.60.

Wipro Stock Performance

WIT traded down $0.11 during midday trading on Monday, hitting $3.54. 2,203,938 shares of the company were exchanged, compared to its average volume of 4,981,887. The company’s 50 day simple moving average is $5.95 and its 200 day simple moving average is $6.14. The firm has a market capitalization of $37.00 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 4.92 and a beta of 0.92. Wipro has a 1-year low of $2.55 and a 1-year high of $3.75. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. As a group, sell-side analysts predict that Wipro will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DGS Capital Management LLC lifted its holdings in Wipro by 4.5% during the third quarter. DGS Capital Management LLC now owns 195,441 shares of the information technology services provider’s stock valued at $1,266,000 after purchasing an additional 8,360 shares in the last quarter. Franklin Resources Inc. lifted its stake in Wipro by 9.1% in the 3rd quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after buying an additional 2,951 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Wipro in the 3rd quarter worth about $696,000. XTX Topco Ltd purchased a new stake in Wipro during the 3rd quarter worth approximately $347,000. Finally, State Street Corp raised its holdings in shares of Wipro by 0.8% during the third quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after acquiring an additional 87,682 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.